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Crypto This Tuesday: Grayscale Win Boosts Crypto, Argo Blockchain Cuts Losses, and More

Fernanda T
Latest News
August 29 2023 2:19PM

Court decision boosts Bitcoin and brings US closer to spot crypto ETF

After a US appeals court instructed the SEC to review its denial of the Grayscale Bitcoin Trust to become an ETF, Bitcoin (COIN:BTCUSD) rallied 6.65% to hit $27,843.53. The market reacted positively, with Grayscale Bitcoin Trust rising 17% and other crypto assets posting gains. The win was called a “monumental step” by Grayscale and could have significant implications for institutional cryptocurrency adoption.

Preliminary agreement between Digital Currency Group and Genesis creditors to settle debts of billions

The Digital Currency Group (DCG) has reached a tentative agreement to repay 70-90% of debts owed to Genesis’ unsecured lenders, its lending arm. The deal comes after Genesis declared bankruptcy in January 2023, owing more than $3 billion. The repayment involves long-term payments totaling about $1.1 billion. This settlement comes amid a fraud lawsuit filed by Gemini against the DCG and its leadership.

SEC requests secrecy in lawsuit against Binance, fueling speculation about sanctions violations and money laundering

SEC is seeking permission to file sensitive documents in its lawsuit against Binance, fueling speculation about an ongoing criminal investigation. This legal move could be linked to the US Department of Justice investigation into possible violations by Binance, including money laundering and sanctions issues with Russian entities. The move comes after Binance restricted the use of non-Russian fiat currencies for Russian residents. Additionally, Binance has removed Banco de Venezuela from its payment options on its peer-to-peer (P2P) trading service. While Venezuelan private banks remain on the list, Banco de Venezuela’s removal comes following a Wall Street Journal report on Binance’s involvement in sanctions evasion.

Iris Energy invests $10 Million in Nvidia GPUs for expanding AI and cloud computing

Bitcoin mining company Iris Energy has acquired 248 Nvidia (NASDAQ:NVDA) H100 GPUs for $10 million to expand its operations in generative artificial intelligence and cloud computing. With a focus on sustainability, the company plans to use its existing data centers, powered by renewable sources, to meet the growing demand for sustainable computing in various sectors. Hardware delivery is scheduled for the next few months.

Argo Blockchain reduces losses, restructures debt in challenging crypto market

Argo Blockchain (NASDAQ:ARBK), a digital asset mining company, cut its net losses to $18.8 million in the first half of 2023, down 50% compared to the same period a year earlier. Revenue also dropped by 21%, influenced by the drop in Bitcoin prices. The company was able to cut its debt from $143 million to $75 million and raise $7.5 million through a stock offering. These measures are part of a broader restructuring plan to keep the company viable in a challenging market environment.

Circle and Mercado Pago introduce stablecoin USDC in Chile to fight inflation

Amid economic uncertainty and high inflation in Chile, Circle (COIN:USDCUSD) is teaming up with Latin American payments giant Mercado Pago (NASDAQ:MELI) to offer the stablecoin USDC to Chilean customers. The objective is to provide a stable and reliable dollar alternative for more than two million Mercado Pago users, allowing almost instantaneous transactions. The move is part of a broader plan to expand the use of USDC in other jurisdictions.

Mastercard conducts first blockchain innovation sprint with focus on Multi-Token Network

Mastercard (NYSE:MA) conducted its first blockchain innovation sprint in London, developing its Multi-Token Network (MTN) with participation from startups such as Polytrade. MTN aims to facilitate secure and efficient transactions using digital assets and serve as a “multi-chain layer 2” for existing blockchains. The aim is to address the compliance, governance and interoperability challenges that have limited broader blockchain adoption. The network also intends to integrate with Web3 and traditional financial systems.

Polygon launches development kit to power zero-knowledge proof blockchains

Ethereum scaling company Polygon (COIN:MATICUSD) has released a Chain Development Kit (CDK) to spur the development of blockchains powered by zero-knowledge (ZK) proofs. This open source kit will allow developers to create their own interoperable Layer 2 chains using Polygon’s ZK technology. The initiative comes in response to the growing trend of using ‘rollups’ and ZK in Ethereum scaling. Polygon aims to make sending and receiving value as simple as exchanging information online.

MoonPay Ventures invests in Web3, gaming and fintech startups

MoonPay, a $3.4 billion cryptocurrency payment infrastructure company, has launched MoonPay Ventures to invest in early-stage startups focused on Web3, gaming and fintech. The investment arm intends to allocate between US$100,000 and US$1 million in initial and Series A rounds. With more than 25 investments already made, MoonPay Ventures seeks to accelerate the adoption of these startups, with a focus on commercial ROI and the development of efficient operations.

Tradeteq launches US treasury tokens on XDC blockchain network

Tradeteq, a UK firm specializing in the private debt market, has launched an offering of US Treasury Yield (USTY) tokens on the layer 1 blockchain of the XDC Network. The tokens are affordable for professional investors and managed by Securitize. The offering comes at a time of growing interest in tokenizing real-world assets, with demand for tokenized Treasuries rising significantly to $622 million this year.

CoinSwitch reduces staff by 8% due to bearish cryptocurrency market in India

Indian cryptocurrency exchange CoinSwitch has laid off 44 members of its customer support team, representing around 8% of its total workforce. The company justified the decision by pointing to the “prolonged winter of cryptocurrencies” and a drop in customer queries. The staff cut comes a week after CoinDCX, another major Indian exchange, also cut its staff by 12%. Both layoffs are seen in the context of tax challenges and taxes recently imposed on cryptocurrency exchanges in India.